Biomet Inc. board of directors announced today that Dane A. Miller, Ph.D., the company's president and chief executive officer and a co-founder, has informed the board of his decision to retire and has resigned.

Miller will remain a director and serve as a consultant.

Miller said, "I believe in Biomet and its team members, and their ability to continue to deliver quality products and enhance shareholder value. As I begin a new stage in my life, I will always be grateful to have worked with the great people at Biomet and to have played a role in its growth and success."

The board appointed Senior Vice President Daniel P. Hann, the company's general counsel and a member of the board, to be president and chief executive officer on an interim basis.

Hann said, "This is a sad day for Biomet. Dane is a legend in the orthopedic industry and leaves large footsteps to follow in. No one will ever replace Dane Miller. His lasting legacy is building a strong and independent company that will continue to prosper after him."

Hann also said Biomet plans "to not only continue in Dane's tradition, but to build on it.

"We're just beginning the process," Hann said of choosing a replacement for Miller. "It's difficult to determine how long it will take. The board will consider candidates from both inside and outside the company."

Scott Harrison, M.D., lead director, said, "Biomet is a true American success story, and Dr. Miller's extraordinary vision, talent and leadership over the course of nearly three decades has been central to its progress and development. He and his co-founders built this company into a worldwide leader in the design and manufacture of reconstructive products with revenues of nearly $2 billion in the fiscal year ended May 31, 2005, strong values and organizational standards. What Dr. Miller and his team have achieved is truly remarkable."

Niles L. Noblitt, chairman of the board, said, "The board shares my confidence in the selection of Mr. Hann, a talented and results-oriented executive with more than 17 years at Biomet, to lead the company during this period. He knows the company intimately, shares our commitment to building shareholder value, and is well-positioned to move the company forward."

Hann said, "Biomet will remain true to its heritage and I believe we are well- positioned to capitalize on the momentum of our successful exhibition at the recent American Academy of Orthopaedic Surgeons' Annual Meeting, at which the company introduced over 100 new products."

Miller, 60, was one of the four founders of Biomet and has been president, chief executive officer and a director of the company since its formation in 1977.

Hann, 50, joined Biomet in 1989 as an officer and director. He is a member of the NASDAQ Listing and Hearing Review Council of the NASDAQ Stock Market Inc. He received his bachelor's degree from California State University, Fullerton, Calif., his master's degree from the University of Illinois, and his doctorate of juris prudence from Indiana University.

A live Web cast broadcast today will be archived for replay at www.biomet.com under the investor section and www.streetevents.com

Biomet Inc. and its subsidiaries design, manufacture and market products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy. Biomet and its subsidiaries distribute products in more than 100 countries. [[In-content Ad]]